Van ECK Associates Corp boosted its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 2.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,816,748 shares of the basic materials company’s stock after buying an additional 63,983 shares during the quarter. Van ECK Associates Corp owned approximately 1.17% of Steel Dynamics worth $97,093,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Steel Dynamics by 2.6% in the 2nd quarter. Vanguard Group Inc. now owns 24,405,049 shares of the basic materials company’s stock worth $873,945,000 after buying an additional 611,096 shares in the last quarter. BlackRock Inc. lifted its position in Steel Dynamics by 9.2% in the 2nd quarter. BlackRock Inc. now owns 21,932,609 shares of the basic materials company’s stock worth $785,405,000 after buying an additional 1,840,803 shares in the last quarter. Boston Partners lifted its position in Steel Dynamics by 3.6% in the 3rd quarter. Boston Partners now owns 16,977,310 shares of the basic materials company’s stock worth $585,208,000 after buying an additional 593,498 shares in the last quarter. State Street Corp lifted its position in Steel Dynamics by 17.9% in the 2nd quarter. State Street Corp now owns 8,857,134 shares of the basic materials company’s stock worth $317,162,000 after buying an additional 1,346,487 shares in the last quarter. Finally, Prudential Financial Inc. lifted its position in Steel Dynamics by 13.2% in the 3rd quarter. Prudential Financial Inc. now owns 4,619,005 shares of the basic materials company’s stock worth $159,217,000 after buying an additional 539,480 shares in the last quarter. Institutional investors own 85.80% of the company’s stock.
A number of research firms have recently weighed in on STLD. Macquarie began coverage on shares of Steel Dynamics in a report on Wednesday, September 6th. They set a “neutral” rating and a $36.00 price target on the stock. Bank of America Corporation restated a “buy” rating and set a $44.00 price target (up previously from $42.00) on shares of Steel Dynamics in a report on Tuesday, September 5th. Longbow Research restated a “buy” rating and set a $40.00 price target on shares of Steel Dynamics in a report on Thursday, July 27th. BidaskClub downgraded shares of Steel Dynamics from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Finally, Jefferies Group LLC restated a “buy” rating and set a $43.00 price target on shares of Steel Dynamics in a report on Thursday, August 31st. Seven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $41.70.
Steel Dynamics, Inc. (NASDAQ STLD) opened at $37.72 on Friday. Steel Dynamics, Inc. has a 12 month low of $32.15 and a 12 month high of $40.17. The company has a quick ratio of 1.95, a current ratio of 3.35 and a debt-to-equity ratio of 0.80. The stock has a market cap of $8,937.82, a price-to-earnings ratio of 14.85, a P/E/G ratio of 1.18 and a beta of 1.40.
Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Wednesday, October 18th. The basic materials company reported $0.66 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.66. Steel Dynamics had a net margin of 5.79% and a return on equity of 21.45%. The business had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.41 billion. During the same period last year, the business posted $0.64 EPS. Steel Dynamics’s revenue was up 16.3% compared to the same quarter last year. equities analysts anticipate that Steel Dynamics, Inc. will post 2.67 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 10th. Investors of record on Sunday, December 31st will be paid a $0.155 dividend. The ex-dividend date is Thursday, December 28th. This represents a $0.62 dividend on an annualized basis and a yield of 1.64%. Steel Dynamics’s payout ratio is presently 28.57%.
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Steel Dynamics Company Profile
Steel Dynamics, Inc is a steel producing and a metal recycling company. The Company is engaged in the manufacture and sale of steel products, processing and sale of recycled ferrous and nonferrous metals, and fabrication and sale of steel joists and deck products. Its segments include steel operations, metals recycling operations, steel fabrication operations and Other Operations.
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